JetBlue Airways says it made payments of $88 million on its corporate purchasing line with American Express in the first two months of this year.
The US low-cost carrier entered the revolving credit facility last September, which allows up to a maximum of $125 million in borrowings. Borrowings cannot exceed $30 million per week and may only be used for the purchase of jet fuel. The facility is subject to a 6.9% annual interest rate and matures in December 2014.
As of 31 December 2011, there was $88 million outstanding under this revolving credit facility. The carrier paid back $44 million in January and the other $44 million in early February 2012.
JetBlue, which paid $188 million of scheduled debt and capital lease obligations in 2011, says its scheduled debt maturities are expected to increase over the next five years, with a scheduled peak in 2014 of nearly $600 million. This year the carrier is due to pay $198 million of scheduled debt and capital lease obligations. JetBlue is taking delivery of seven Airbus A320s this year as well as four Embraer 190s.
Last year it issued $121 million in fixed rate equipment notes and $124 million in non-public floating rate equipment notes secured by four A320s and five E-190 aircraft.
At 31 December 2011, JetBlue had $673 million cash and cash equivalents and and short-term investments of $553 million.